No... not the case at all. And yes I am thick skinned to a point. I teach first a concept. Unless you understand the concept (many people insist they understand, will argue they understand, will insult you when you say... "you're still not getting it..." and they still DON'T get it) Sell? I guess I 'sell' the client on learning, learning how things work, why they work and the relationship of moving one financial item, and how that effects the others... Once they understand this, then they will understand what to do. I told you a bit about my experience, so you'd know I'm not an amateur.
I spent some time with my CPA a few years ago. I designed a plan, and asked him and his firm (about a dozen advisors and CPAs) to blow holes through it. They did, and I gave my researched responses. We went back and forth for several weeks. They asked and I responded. In the end, after all their complaints were answered, one being that these insurance companies lie and the illustrations will never happen. I provided from another advisor who's been doing this same plans since the 1980's copies of his clients accounts (names whited out) showing the returns and account cash values, showing each new policy they 1035 exchanged to newer EIUL's etc etc etc... The net spendable values were because of arbitrage, the net cash-on-cash internal rate of return was better then 10% Tax Free, and all the other benefits, liquidity, and permanent life insurance, just came along for the ride, just as Doug Andrew said it would.
After all that work, their final response is "we just simply disagree with using insurance this way", but they were unable to offer any alternative plan that could generate the same cash-on-cash retirement income as the Missed Fortune Plan does. I fired him and hired a new one, who understands something other than IRA and Mutual Funds.
I learned, yet again, sometimes people are just a waste of time. Their minds are not open, and it's like explaining flowers to a blind person. There is really no point to it.
You guys clearly hate insurance people, and if he recommends somethings other then term insurance than he's not a financial advisor, he's an insurance salesman, and if the word insurance is in there, or if the guy made a few dollars for his advice, then someone was cheated. We'll I've lost far more money to Mutual Fund Salesman and Stock Salesman (aka Financial Advisors) and my UL Policies are making far more retirement for me than my IRA at this point. Of course that 1% he charges, is clearly more than his advice is worth.
I simply realized there was no way and no evidence that you would listen to. So there is no point to continue.
BTW, I don't put all my clients money in policies, that's unsuitable. We use other things, and especially if he has matching from his employer, we use the 401k. Privately managed funds, real estate, etc...
I've never said your way doesn't work, that would be untrue. I simply believe a well rounded plan includes several diversified methods, max out the ROTH first, use an appropriate amount of Home Equity for arbitrage, reduce taxes at every opportunity, have some real estate, either directly or a well managed group or fund, REIT etc... (allot of REITs are not well managed) several options.
Tell me you think I'm wrong if you disagree. We can agree to disagree, that's fine. You have no evidence that I'm unethical. Statements like that stop the real discussion, that tells me you have nothing to offer.
Right now, my clients policies are sure doing better than their 401k...
Again I've not heard a single real reason, other than you don't like 'insurance people'. And in 5 years since I got my licenses, I've never heard a legitimate complaint about what I do, all you've done is strengthen my resolve. So in a strange way... thank you.
It was the references to being unethical... that irritated me.
Listen, this is not what this board is about... arguing... get on with what you usually talk about. I've enjoyed reading some of it on other areas of this board.
I wish you the best.
